Beruflich Dokumente
Kultur Dokumente
SpecialtySportsStore,USGAAPEdition3
Feedback:Transactionsweek1
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NowthatyouhavereviewedinformationaboutTheAdrenalineHut,youarereadytobeginthefirststepinthe
accountingcycle,recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthat
occurredduringthefirstweekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledger
accounts.ThefollowingtransactionsoccurredthroughoutthefirstweekofJune:
Week1
Date Transactiondescription
1 IssuedCheckNo.690for$9,500topayZNGPropertyGroupfortwomonth'sworthofrentinadvance.
1 Obtainedaloanof$49,000fromZNZBankatasimpleinterestrateof6%peryear.Thefirstinterestpaymentisdueattheend
ofAugust2017andtheprincipaloftheloanistoberepaidonJune1,2021.
3 TheLockerRoompaidthefullamountowingontheiraccount.
3 IssuedCheckNo.691toOfficeSuppliesWarehouseforthepurchaseof$321worthofofficesupplies.
4 PaidthefullamountowingtoJ.J.Spud,CheckNo.692.
4 Paidsalesstaffwagesof$2,218fortheweekuptoandincludingyesterday,CheckNo.693.Notethat$1,101ofthispayment
relatestothewagesexpenseincurredduringthelastweekofMay.
5 Madepaymentof$799toPowerGenfor3monthsofelectricityuptoandincludingMay31,CheckNo.694.
Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovided
belowandunderstandthepostingprocessinthemanualaccountingsystem.Notethatyouwillrecordtheremaining
Junetransactionsinthefollowingsectionsofthispracticeset.
Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalof
mostcolumnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,some
partsofajournalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccounting policiesand
proceduresfordetailsofwhatistobeposteddailyormonthly.
Instructionsforweek1
1) Recordallweek1transactionsintherelevantjournals.
Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendof
themonth.YouwillenterthisbeforeyoupreparetheBankReconciliationStatement.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnota
wholenumber,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthe
discountfromtheoriginalamount.
Additionalinstructions
Displayingselectedaccountingrecords:
Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.
However,oneachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthat
page.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.Theactivetabbydefaultis
ShowAll,butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriate
tab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,the
informationthatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucan
seethataccountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteror
alteryouranswers.
Journals:
Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccounttobe
chosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccountforeach
transactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeledAccount,you
mustselectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.Notethatforsome
transactions,thiswillmeanthattheaccountnameselectedwillcorrespondtotheheadingofoneofthe
columnsinthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberoftheaccount
youarepostingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalwaysrequirea
referencetoberecordedinthePostRef.column.Inthispracticeset,inordertoreceivefullpoints,every
transactionenteredinaspecialjournalrequiresanentryinthePostRef.column.Notethatinthespecial
journals,iftheaccountnameselectedforatransactioncorrespondstotheheadingofoneofthecolumnsin
thatspecialjournal,thepostrefistoberecordedasanX.Thisisbecausethesetransactionsarenotposted
onadailybasis.Inordertoreceivefullpoints,youmustrecordonlytheletterXinthePostRef.columnfor
thesetransactions.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsof
inventory.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountandasubsidiary
ledger.Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferenceforboththe
generalledgeraccountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethatyouhave
postedtobothaccounts.Forexample,ifthereferencenumberforthecontrolaccountis110andthe
referencenumberforthesubsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePostRef.
column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.
Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionof
thetransactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,
itdoesnotmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,
youmustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.
Bothjournalsandledgers:
Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.
Whenpurchasesandsalesarerecordedinspecialjournals,changesininventorymustnotbepostedtothe
MerchandiseInventoryaccountinthegeneralledgeronadailybasis.
(Q=301.salesJournalWeek1)
SALESJOURNAL
Costof
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold
Jun
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthesalesjournalforthisweek.
(Q=302.purchasesJournalWeek1)
PURCHASESJOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthepurchasesjournalforthisweek.
(Q=303.cashReceiptsJournalWeek1)
CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
Jun
Jun
Jun
Jun
Feedback
CASHRECEIPTSJOURNAL
(Q=304.cashPaymentsJournalWeek1)
CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash
CASHPAYMENTSJOURNAL
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash
(Q=305.generalJournalWeek1)
GENERALJOURNAL
Post
Date AccountandExplanation Debit Credit
Ref.
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.
(Q=3101105.AcctsRec5_week1)
SUBSIDIARYLEDGERS
Account:ARCTheLockerRoom
AccountNo.1105
Jun
Jun
Feedback
Account:ARCTheLockerRoom
AccountNo.1105
(Q=3102101.AcctsPay1_week1)
Account:APCAddaxSports
AccountNo.2101
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAddaxSportsledgerforthisweek.
(Q=3102106.AcctsPay6_week1)
Account:APCJ.J.Spud
AccountNo.2106
Jun
Jun
Feedback
Account:APCJ.J.Spud
AccountNo.2106
(Q=320100.Cash_week1)
GENERALLEDGER
Account:Cash
AccountNo.100
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCashledgerforthisweek.
(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.
(Q=320130.StoreSupplies_week1)
Account:OfficeSupplies
AccountNo.130
Jun
Jun
Feedback
Account:OfficeSupplies
AccountNo.130
(Q=320140.PrepaidRent_week1)
Account:PrepaidRent
AccountNo.140
May 31 Balance 0
Jun
Jun
Feedback
Account:PrepaidRent
AccountNo.140
May 31 Balance 0
Jun 1 Prepaidrent CPJ 9,500 9,500DR
(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.
(Q=320220.WagesPayable_week1)
Account:WagesPayable
AccountNo.220
Jun
Jun
Feedback
Account:WagesPayable
AccountNo.220
(Q=320221.ElectricityPayable_week1)
Account:ElectricityPayable
AccountNo.221
Jun
Jun
Feedback
Account:ElectricityPayable
AccountNo.221
(Q=320250.LoanPayable_week1)
Account:BankLoanPayable
AccountNo.250
May 31 Balance 0
Jun
Jun
Feedback
Account:BankLoanPayable
AccountNo.250
May 31 Balance 0
Jun 1 LoanfromZNZBank CRJ 49,000 49,000CR
(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400
May 31 Balance 0
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.
(Q=320402.SalesDisc_week1)
Account:SalesDiscounts
AccountNo.402
May 31 Balance 0
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.
(Q=320500.CostOfSales_week1)
Account:CostofGoodsSold
AccountNo.500
May 31 Balance 0
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCostofGoodsSoldledgerforthisweek.
(Q=320516.WagesExpense_week1)
Account:WagesExpense
AccountNo.516
May 31 Balance 0
Jun
Jun
Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.
(Q=320541.ElectricityExpense_week1)
Account:ElectricityExpense
AccountNo.541
May 31 Balance 0
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheElectricityExpenseledgerforthisweek.
(Q=320544.SuppliesExpense_week1)
Account:OfficeSuppliesExpense
AccountNo.544
May 31 Balance 0
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheOfficeSuppliesExpenseledgerforthisweek.
ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3(VSU3q)
20092014Perdisco/latin/.v.,learnthoroughly
20092014Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
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